August 22, 2008

Noble to start Brazilian iron ore shipments to China in October

Reuters reported that Hong Kong based commodities trader Noble Group would ship its first load of iron ore from Brazil to China in October.

Mr Harry Banga VC of Noble told Reuters that Noble chartered ship would transport 70,000 tonnes of iron ore from Suape in northeastern Brazil on October 7th 2007, as part of a deal which will last till 2011. He added that the order was a very substantial project for Noble, without revealing financial details.

In July, Noble bought a 30% stake in Brazilian iron ore company Mhag Servicos E Mineracao for USD 60 million, with the company holding exclusive marketing rights for the ore in China.